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Center for Research in Security Prices
The FTSE Global Equity Index Series
S&P Dow Jones Indices
Morgan Stanley Capital International 
Fixed Income Indexes

CRSP’s benchmark methodology


The Center for Research in Security Prices (CRSP) at the University of Chicago Booth School of Business has played an integral role in financial and economic research since 1960. More than 500 leading academic, financial and government institutions in 35 countries rely on CRSP’s market research and databases.

CRSP Indexes blend advances in academic research with industry best practices. CRSP’s market-capitalization-weighted indexes introduced the concept of “packeting,” which cushions the movement of stocks between indexes as a company’s market capitalization fluctuates. Packeting allows holdings to be shared between two indexes and moves to be completed over time. This approach maximizes style purity while minimizing index turnover.

CRSP Indexes use breakpoints based on cumulative market capitalization rather than a fixed number of securities. So, CRSP Indexes can be expected to represent market segments over time.

CRSP Indexes also use these industry best practices:

  • Index construction based on objective rules
  • Float adjustments reflecting only available shares
  • Multifactor model to identify growth versus value
  • Gradual and orderly rebalancing to reflect market changes

CRSP website

Vanguard´s ETFs that use CRSP benchmarks

Vanguard ETF


Target index

Total expense ratio

Total Stock Market ETF


CRSP U.S. Total Market Index



Mega Cap ETF


CRSP U.S. Mega Cap Index



Mega Cap Growth ETF


CRSP U.S. Mega Cap Growth Index



Mega Cap Value ETF


CRSP U.S. Mega Cap Value Index



Large-Cap ETF




CRSP U.S. Large Cap Index



Growth ETF


CRSP U.S. Large Cap Growth Index



Value ETF


CRSP U.S. Large Cap Value Index



Mid-Cap ETF


CRSP U.S. Mid Cap Index



Mid-Cap Growth ETF


CRSP U.S. Mid Cap Growth Index



Mid-Cap Value ETF


CRSP U.S. Mid Cap Value Index



Small-Cap ETF


CRSP U.S. Small Cap Index



Small-Cap Growth ETF


CRSP U.S. Small Cap Growth Index



Small-Cap Value ETF


CRSP U.S. Small Cap Value Index



Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.

All investments, including those that seek to track indexes, are subject to risk, including the possible loss of principal. Diversification does not ensure a profit or protect against a loss in a declining market. While ETFs are designed to be as diversified as the original indexes they seek to track and can provide greater diversification than an individual investor may achieve independently, any given ETF may not be a diversified investment. Foreign investing involves additional risks, including currency fluctuations and political uncertainty. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

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